In the broader market, the S&P BSE Mid-Cap index was down 1.78% while the S&P BSE Small-Cap index was down 1.52%. Both these indices underperformed the Sensex.
The market breadth was negative. On the BSE, 697 shares rose and 1545 shares fell. A total of 165 shares were unchanged. In Nifty 50 index, 11 stocks advanced while 39 stocks declined.
The sentiment was also impacted by Franklin Templeton Mutual Fund's decision to close six debt schemes citing lack of liquidity in the debt market and unprecedented redemption in these yield-oriented schemes.
Meanwhile, total Covid-19 confirmed cases worldwide stood at 27,16,917 so far with 190,985 deaths. India reported over 17,610 cases of COVID-19 infection and over 718 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index fell 1.78% to 1,664.55 amid profit booking. The index had risen 1.68% in the past two sessions.
Hindalco Industries (down 5.85%), Jindal Steel & Power (down 4.8%), JSW Steel (down 3.63%), NMDC (down 3.38%), Steel Authority of India (down 2.44%), Hindustan Copper (down 1.34%) and Tata Steel (down 1.17%) declined.
Stocks in Spotlight:
Equitas Holdings (down 7.35%), Can Fin Homes (down 6.49%), NIIT Technologies (down 5.36%), Sobha (down 4.98%) and MOIL (down 4.74%) were the top mid-cap losers.
Cholamandalam Investment and Finance Company (down 11.10%), Mahindra & Mahindra Financial Services (down 9.99%), NBCC (India) (down 9.55%), LIC Housing Finance (down 9.02%), IDFC First Bank (down 5.49%) were the top small-cap losers.
Shares of life insurance companies tumbled after their new business premiums declined in March. The private life insurers reported an aggregated 34.22% decline in premiums in March 2020 over March 2019. In total, their new premiums rose 11.64% year-on-year (YoY) for the year ended on 31 March 2020 (FY20) to Rs 80919.40 crore. They ended FY20 with a 31.26% market share of first-year premiums.
LIC of India reported 31.12% decline in first year premiums in March 2020 over March 2019. The company posted 25.17% YoY rise in new premiums for the full year to Rs 177977.08 crore. It ended FY20 with a 68.74% market share of first-year premiums.
In the listed space, SBI Life reported 41.36% decline in first year premiums in March 2020 over March 2019. The company posted 20.30% YoY rise in new premiums for the full year to Rs 16591.82 crore. It ended FY20 with a 6.41% market share of first-year premiums.
Shares of SBI Life Insurance Company shed 3.14% to Rs 692.95.
HDFC Life reported 19.26% decline in first year premiums in March 2020 over March 2019. The company posted 16.20% YoY rise in new premiums for the full year to Rs 17396.25 crore. It ended FY20 with a 6.72% market share of first-year premiums.
Shares of HDFC Life Insurance Company fell 4.02% to Rs 468.55.
ICICI Prudential Life reported 32.26% decline in first year premiums in March 2020 over March 2019. The company posted 20.45% YoY rise in new premiums for the full year to Rs 12348.11 crore. It ended FY20 with a 4.77% market share of first-year premiums.
Shares of ICICI Prudential Life Insurance Company slipped 5.22% to Rs 342.35.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 76.46 compared with its previous closing of 76.0625.
The yield on 10-year benchmark federal paper rose to 6.172% as compared with 6.060% in the previous trading session.
MCX Gold futures for 5 June 2020 settlement rose 0.66% to Rs 46732.
In the commodities market, Brent crude for June 2020 settlement was down 35 cents to $20.98 a barrel. The contract rose 96 cents or 4.71% to settle at $21.33 a barrel in the previous trading session.
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